The Attorney General from Alaska, Jahna Lindemuth, has gotten together with a bipartisan group that consists of 18 attorneys general from states that have legalized cannabis, to call for a change to federal rules surrounding banking activity for cannabis exchanges in the market.
Together, the group sent a letter to congressional leaders and they are asking for a safe harbor to be established so that banks can help cannabis businesses to take care of the billions of dollars in revenue that they are generating.
They want banks to be able to do business with the companies who are licensed pot retailers.
This means that customers often can't use debit or credit cards when making purchases with these cannabis companies. And because of this, many are left operating solely with cash.
Cannabis might have been legalized in many states already, but it still remains prohibited federally and this is why there is the difficulty for them of obtaining financing through traditional banking methods.
Though it might be difficult to try and find a bank that will work with a cannabis company, it's estimated that there are at least a few out there currently who are willing to work with them.
More Control...
Those attorneys general who've gotten together to sign the letter, come from states like New York, California, and Iowa. And they don't want the banks to miss out on this business. It's estimated that for 2016, legal cannabis sales were around $6.7 billion and by 2021 it's expected that it could easily pass the $20 billion mark.
For lawmakers who've already demonstrated that they are rather incapable of balancing a budget or operating in such a fashion that doesn't fuel continual, crippling amounts of debt, no doubt getting hundreds of millions of dollars more in funding to play with sure looks appealing.
In their letter, they've asked Congress to fast-track the Secure and Fair Enforcement Banking Act that got introduced last year.
Right now, the proposal, which has been cosponsored by at least 12 senators, is in a Senate committee and there still hasn't been a hearing. Some of the senators that have supported the initiative include people like Bernie Sanders, Cory Gardner, Rand Paul, and others.
Pics:
Diana Quach via Vocativ
via vocativ.com/349890/marijuana-schedule/index.html
via cyberpot.com
Sources:
https://www.cnbc.com/2018/01/11/banking-restrictions-on-the-pot-industry-may-benefit-security-business.html
https://www.forbes.com/sites/debraborchardt/2017/01/03/marijuana-sales-totaled-6-7-billion-in-2016/#60f301f175e3
https://www.alaskapublic.org/2018/01/16/ak-attorney-general-asks-congress-to-open-banking-for-pot-businesses/
https://www.ktoo.org/2018/01/16/alaska-attorney-general-asks-congress-open-banking-pot-businesses/
https://www.courthousenews.com/states-ask-congress-to-open-banks-up-to-pot-industry/
http://www.vocativ.com/363932/cops-still-make-a-marijuana-arrest-every-49-seconds/index.html
https://www.cnbc.com/video/2017/12/15/bitcoin-offers-the-cannabis-industry-an-alternative-to-banks.html
https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1750
https://www.congress.gov/bill/115th-congress/senate-bill/1152
Related Posts:
Cannabis Banking: Blockchain To The Rescue!
https://steemit.com/bitcoin/@doitvoluntarily/cannabis-banking-blockchain-to-the-rescue
Bad timing! Unfortunately, with the likes of Jess Sessions in the DOJ, this letter will fall on deaf ears.
Trump can really repair the image of his crumbling presidency with a single executive order that decriminalizes cannabis at the federal level!! That single act would probably life his approval rating to an all-time high.
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I still find it madness that something can be legal at state level yet illegal at federal level! Surely the law should clearly state who can legislate for all things.
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Its about time ! especially now that its becoming more legalized in more places , this should have been done a long time ago ! Thanks for the awesome information as usual @doitvoluntarily ! Keep up the great work ! upped and resteemed !👍👍👍✌
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Great news, hadn't heard it anywhere else. I can't figure out why this isn't a no brainer, unless big ag is stalling it, until it gets in. They do not give a hoot about anything or anybody but their own wallets. So what other reason can they have except to keep the private prison system full with non=violent criminals, while they confiscate their weed, to share with their buddies. Thanks very much for the update, buds crossed it pans out.
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Let’s have crypto cannabis
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Crypto currency will fill the gap and address the problems caused by unwillingness by banks to do business with cannabis business men. However, the lawmakers will always seek to create legislations aimed at exercising more control with more tax inflows in mind.
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I live in a state where you can do your mmj, which i do for the wife legally by the state. I choose strains that she likes and what is good. But there is always that linger of the feds to come knocking, but then again she gets a plant every 6 months and i dont think they woukd worry about me, as long as i am not selling to Jimmy down the street. But 1 thing that blows my mind, is that there are farmers markets, but not cannabis markets....soon hopefully where you can share your work to those that need it.
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Too bad the US gov't has all these bad laws and policies, especially around Cannabis. In Canada, banks are dealing with licensed producers and patients are paying by credit cards. In fact, the banks here are now starting to invest in the Cannabis sector... I posted about this 2 days at: https://steemit.com/cannabis/@vinmaru/cannabis-news-the-marijuana-justice-act-introduced-into-the-house-of-representatives
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fear politicians. awesome article
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I hope it happens like they say and it goes through
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This is a great information, I hope that the parliament interprets and give cerelidad to the resolution and that the companies can have the support of the banking institutions.
Thank you very much for the information dear friend @ doitvoluntarily
I wish you a beautiful weekend
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Social mores change, and the majority of Americans now support the legalization of marijuana. Instead of blaming and Roman sessions, supporters of the legalization of cannabis in Congress should show courage to defend their beliefs and try to decriminalize marijuana across the country.
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Hello friend, very good post, thanks for the information. I already follow you and I invite you to go through my blog maybe something you like and you can support me with your vote.
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this is great news of politics..thanks for sharing politics post..
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Lgealizing Cannabis products such as Oil and other medicines will cure so many people, Industries are afraid of such actions to take.
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Good article, I hope to help the former CFS wards by exposing abuse in care.
I hope to get them justice and promote using marijuana to help rid themselves of meth addiction.
Check out my blog as I am exposing much.
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It's awesome! Thank you @doitvoluntarily for sharing!
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Thank you for the insight. To my knowledge, as you have mentioned, they dont like to lose control. Not just the banking aspect, in addition to that think about (considering the benefits of cannabis in curing auto-immune etc) BIG PHARMA would also suffer. that would mean less jobs and that would apparently mean that the economy might suffer so shashh because why should we care about cannabis anyways because you know economic growth is important even if that means messing aroud with people health that are at the expense of fake treatments. 😒😒
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Its all about to many old fu%!!&$ers
In office with closed minds but hey thats ok half of them are going to keel over dead sooner rather than later
And Donald Trump Your Fucking Fired
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You're right when you say it's "about control and not really about helping people", but it'll be even more up to the people to be aware of this, use it to their advantage, and play the grey market game accordingly. In an ideal world, not one single fiat dollar would ever be used in trade with this miracle plant, but that's a far fetched agoristic dream as of right now. Thanks for posting.
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hola buenas noches excelente post,te sigo saludos
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Don't be fooled into being a "legal person" in this system. There are common law statuses that are much more accurate and don't group corporations with equal 'we the people'. #KnowYourStatus
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nice post
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Cannabis becomes very expensive because many countries are banning its use. Though very many benefits that can be taken from marijuana plants. But it only depends on how to use it. The business of marijuana is a very promising business if it is really taken on the positive side. Very interesting article. Thanks for sharing @doitvoluntarily.
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postingan yang bagus kawan
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it is finally about time to make it more ''official'' as they already know how beneficial it is but as you say too this initiative needs more control and not to let it run wild
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Wow....thats a very awesome news.I just hope that Nigeria can adopt such law
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Interesting and good to know. Although we have a long way to go, 12 senators is a good start. Although I have my doubts anything like this will pass at the moment, it is only a matter of time. In the mean time, I think cryptocurrency and the cannabis industry will have a fruitful marriage.
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